SIF Moldova wants more for Sidex stake

SIF Moldova, the most significant of all the minority shareholders of Sidex Galati plant, has requested a new evaluation of the price offered by Indian-held LNM Holdings for the plant’s shares during the public takeover bid. The price resulted from the evaluation of the company hired by LNM is 9,890 ROL for every 25,000 ROL par value share. This also takes into account the price of the shares acquired by the Indians from the Privatisation Authority (APAPS) over the last 12 months, i.e. 10 cents a piece, even though the deal was sealed more than a year ago. The capital market analysts say this is the point where the report ordered by SIF Moldova could be different from that commissioned by LNM. The report SIF Moldova ordered could be ready by the end of the week. “We did not discuss with LNM before or after the preliminary announcement,” Alexandru Matei, SIF Moldova chairman, said. In case the price calculated by SIF Moldova’s auditor is over 20% higher than the previous price, a third auditor will be hired, or else the bid will be calculated as a mean of the two prices. ZF